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with just hours to go a deal emerges to avert the fiscal cliff, but can congress pass the measure in time? president obama says they can, we've got the latest from washington, on what could happen before the new year's day deadline. and wall street ends the year with a rally and healthy gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might not get it done before the midnight deadline tonight. the senate could vote in time, but it's possible the house will wait until tuesday. that means the u.s. could go over the fiscal cliff. on wall street today, investors bought up stocks on high hopes of deal, after president obama said this afternoon a deal is "in sight," and positive comments from republican leaders in the senate. here's how the major averages closed on this last trading day of 2012. the dow surged 166 points, the nasdaq jumped about 60, and the s&p rose almost 24 points. while wall street has already closed the books on 2012, washington
with just hours to go a deal emerges to avert the fiscal cliff, but can congress pass the measure in time? president obama says they can, we've got the latest from washington, on what could happen before the new year's day deadline. and wall street ends the year with a rally and healthy gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might...
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with just hours to go a deal emerges to avert the fiscal cliff, but can congress pass the measure in time? president obama says they can, we've got the latest from washington, on what could happen before the new year's day deadline. and wall street ends the year with a rally and healthy gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might not get it done before the midnight deadline tonight. the senate could vote in time, but it's possible the house will wait until tuesday. that means the u.s. could go over the fiscal cliff. on wall street today, investors bought up stocks on high hopes of deal after president obama said this afternoon a deal is "in sight," and positive comments from republican leaders in the senate. here's how the major averages closed on this last trading day of 2012. the dow surged 166 points, the nasdaq jumped about 60, and the s&p rose almost 24 points. while wall street has already closed the books on 2012, washington
with just hours to go a deal emerges to avert the fiscal cliff, but can congress pass the measure in time? president obama says they can, we've got the latest from washington, on what could happen before the new year's day deadline. and wall street ends the year with a rally and healthy gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might...
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tougher. >> the fact that we're not where we need to on this is disgusting. >> reporter: president obama said he want taxes and spending cuts at the same time. >> but with this congress that was a little too much to hope for at this time. >> reporter: house speaker john boehner has not publicly endorsed the deal. tara mergener for cbs news, washington. >> now, the house is set to reconvene today at 9 a.m. pacific time. a house vote is expected today or tomorrow. >>> what a night. no fog this year, perfectly clear last night for fireworks along the waterfront here in san francisco. it's beautiful out there. a lot of people showed up for the 15-minute display and jammed the streets near the bob barker. when it was all over, i think most of them are still out there, it was crowded getting into work today but there was some violence during the new year's celebration here in the city. cbs 5 reporter cate caugiran is in san francisco with the problems police had with the new year's crowd and has the latest. >> reporter: good morning. happy new year. san francisco police had their hands full be
tougher. >> the fact that we're not where we need to on this is disgusting. >> reporter: president obama said he want taxes and spending cuts at the same time. >> but with this congress that was a little too much to hope for at this time. >> reporter: house speaker john boehner has not publicly endorsed the deal. tara mergener for cbs news, washington. >> now, the house is set to reconvene today at 9 a.m. pacific time. a house vote is expected today or tomorrow....
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with just hours to go a deal emerges to avert the fiscal cliff, but can congress pass the measure in time? president obama says they can, we've got the latest from washington, on what could happen before the new year's day deadline. and wall street ends the year with a rally and healthy gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might not get it done before the midnight deadline tonight. the senate could vote in time, but it's possible the house will wait until tuesday. that means the u.s. could go over the fiscal cliff.
with just hours to go a deal emerges to avert the fiscal cliff, but can congress pass the measure in time? president obama says they can, we've got the latest from washington, on what could happen before the new year's day deadline. and wall street ends the year with a rally and healthy gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might...
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waiting a lot here is no question republicans in twenty some odd states i think have now passed laws saying that if you have a felony on your record you can never vote again ok why not say if you are a corporation and you have a felony on your record you cannot do business with the government there is not one defense contractor senator sanders said this to me on the radio show today and i'm pretty sure he wouldn't it would be sanded out in front of three million people the fact checkers now one major defense contractor that has not been convicted of a felony. why don't we just say if you're convicted of a felony you can't do business with the government i think that's kind of. and it's kind of crazy to make a law that you know deliberately will will basically mean you can't do it can't having guns anymore and you can't have manufacturing of tanks and planes you know you know if if if lockheed what out of business tomorrow you don't think that you and mark and a half a dozen other guys who got some money could get together and start actually agreeable absolutely great i wouldn't baile
waiting a lot here is no question republicans in twenty some odd states i think have now passed laws saying that if you have a felony on your record you can never vote again ok why not say if you are a corporation and you have a felony on your record you cannot do business with the government there is not one defense contractor senator sanders said this to me on the radio show today and i'm pretty sure he wouldn't it would be sanded out in front of three million people the fact checkers now one...
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now president obama is calling on the house to pass the bill without delay. the bill stops most of the tax hikes and spending cuts that were to kick in at midnight. tara mergener is in washington with more this morning. tara, good morning to you. >> reporter: good morning, terrell. well, a deal is now on the books to avert some of the impact of the fiscal cliff which technically we have gone over. now it is up to the house. in the early morning hours of new year's day, the senate began voting on a bill to avoid the so-called fiscal cliff. >> the bill as amended is passed. >> reporter: the senate voted 89-8 to avoid tax hikes for 99% of all americans. >> this shouldn't be the model for how we do things around here. but i think we can say we've done some good for the country. >> r if the bill eventually becomes law, the bush era tax cuts will be permanently extended for everyone making less than $400,000 a year. and families making less than $450,000 a year. it will also keep the alternative minimum tax for the wealthy from hitting millions of middle-class fami
now president obama is calling on the house to pass the bill without delay. the bill stops most of the tax hikes and spending cuts that were to kick in at midnight. tara mergener is in washington with more this morning. tara, good morning to you. >> reporter: good morning, terrell. well, a deal is now on the books to avert some of the impact of the fiscal cliff which technically we have gone over. now it is up to the house. in the early morning hours of new year's day, the senate began...
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owe b president obama was talking about letting that cut to lapse. it raises income tax for people of all levels on the social security tax to 6.2 percent which adds up to a lot of money for a family. that's a big tax increase. >> the payroll tax holiday is going to effect folks. this is a dedicated tax that goes to fund social security. when they took the 2 percent out of social security we were funding the program through deficit spending. you probably shouldn't be continuing this temporary program for another year when social security has plenty of fiscal challenge of its own. >> you sport that move to let that lapse? >> i think it's a good policy to let the tax holiday expire. >> the tax stays for 400 for individuals 450 for households. it goes 20 percent above that threshold. there are people who say eerie time we raise that capitol gains tax total revenues for capitol gains go down because people cut back investments which hurts the entire economy. what say you? >> this is about the art of compromise. when congress waits until the last minute t
owe b president obama was talking about letting that cut to lapse. it raises income tax for people of all levels on the social security tax to 6.2 percent which adds up to a lot of money for a family. that's a big tax increase. >> the payroll tax holiday is going to effect folks. this is a dedicated tax that goes to fund social security. when they took the 2 percent out of social security we were funding the program through deficit spending. you probably shouldn't be continuing this...
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any race against the clock, the senate has passed a bill to avoid the fiscal cliff. >> president obama says the green is the, quote, right thing to do for our country. the legislation now moves to the house where its future is unknown. fox's patty ann brown has the story. >> reporter: senate lawmaker voted overwhelmingly in favor of legislation to avert the fiscal cliff. >> the bill as amended is passed. >> vice president joe biden in a visit to the capitol monday night explaining the pact he northed with senate minority leader mitch mcconnell. prior to the vote, the vice president said he felt confident about the deal but stayed away from making any predictions. >> having been in the senate along as i have, there are two things you shouldn't do. you shouldn't predict how the senate will vote before they vote. you won't make a lot of money. and number two, you surely shouldn't predict how the house is going to vote. >> reporter: if passed by the house, it would stop many of the spending cuts. >> middle class families will wake up today to at assurance that their taxes won't go up. >> r
any race against the clock, the senate has passed a bill to avoid the fiscal cliff. >> president obama says the green is the, quote, right thing to do for our country. the legislation now moves to the house where its future is unknown. fox's patty ann brown has the story. >> reporter: senate lawmaker voted overwhelmingly in favor of legislation to avert the fiscal cliff. >> the bill as amended is passed. >> vice president joe biden in a visit to the capitol monday night...
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could impose on the american people simply by not passing this legislation, taking that off the table. the republicans in no way have said that they're happy with the higher rates that obama's pushing for on small businesses and a lot of individual americans. so we can come back and relitigate the other down the road, but right now, we've made permanent a set of tax cuts that up until now were temporary. remember, all of the democrats, almost all of the democrats voted against the bush tax cuts to begin with. >> i get it, but that's not the pledge says. the pledge says you won't vote for tax increases. >> right, and what they're voting for is to continue lower tax rates. they're not -- if nothing happens, taxes go up $500 billion. >> okay. >> it's not as if nothing happens, taxes wouldn't go up. let's raise taxes. we're in an odd situation because -- it won't repeat because the taxes are being made permanent. the good news is we're never going to have this question raised again, these taxes are being made permanent. the alternative minimum tax, the protection against the alternative m
could impose on the american people simply by not passing this legislation, taking that off the table. the republicans in no way have said that they're happy with the higher rates that obama's pushing for on small businesses and a lot of individual americans. so we can come back and relitigate the other down the road, but right now, we've made permanent a set of tax cuts that up until now were temporary. remember, all of the democrats, almost all of the democrats voted against the bush tax cuts...
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of course president obama wants the house to take this up right away. he says while neither democrats nor republicans got everything they wanted this agreement is the right thing to do for our country and the house should pass it without delay. this does, though, john, come down to rank and file republicans. they've proven the hardest to please here. and so they may not just take up the bill. they could amend the bill, change it more to their liking, and send it back to the senate. that's one possibility. and we don't know exactly which direction house republicans are going to choose. but the bottom line is, is house speaker john boehner who determines what goes to the house floor. >> and of course the last time he went to his caucus and said hey, guys, it didn't work out so well for him. but this is different, brianna, largely because he doesn't need every one of his republican votes on this. they need to cobble together a group of republicans and a group of democrats to get this passed, correct? >> that's right. and this is different for a couple of r
of course president obama wants the house to take this up right away. he says while neither democrats nor republicans got everything they wanted this agreement is the right thing to do for our country and the house should pass it without delay. this does, though, john, come down to rank and file republicans. they've proven the hardest to please here. and so they may not just take up the bill. they could amend the bill, change it more to their liking, and send it back to the senate. that's one...
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. >> in passing this agreement does not mean negotiations halt. far from it. we can all agree there's more work to be done. >> woodruff: president obama sounded a similar note in a statement saying, while neither democrats nor republicans got everything they wanted this agreement is the right thing to do for our country and the house should pass it without delay. the president and house speaker john boehner had once talked of a grand bargain with $4 trillion in deficit reduction. instead the congressional budget office calculated today that extending the bush era tax cuts for 99% of americans would add $4 trillion to the deficit over the next decade. the senate measure delays mandatory pentagon and domestic spending cuts by two months. as the house convened at midday a number of republican congressmen complained the bill is still too heavy on tax hikes and too light on spending cuts. ohio's steve la tourette dismissed it as a, quote, package put together by a bunch of sleep-deprived october octogenenarians on new year's eve and the alabama representative said
. >> in passing this agreement does not mean negotiations halt. far from it. we can all agree there's more work to be done. >> woodruff: president obama sounded a similar note in a statement saying, while neither democrats nor republicans got everything they wanted this agreement is the right thing to do for our country and the house should pass it without delay. the president and house speaker john boehner had once talked of a grand bargain with $4 trillion in deficit reduction....
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. >> reporter: now the big new year's test, can it pass in the house? for "good morning america," jonathan karl, abc news, washington. >>> president obama says the agreement reached by the senate is the, quote, right thing to do for our country and is encouraging the house to pass it without delay. >>> secretary of state hillary clinton is spending this new year's day in a new york hospital where she is being treated for a blood clot near her brain. doctors are using blood thinners to try to break up the clot which was found more than two weeks after clinton fainted and suffered a concussion. while the clot could have been serious, even fatal, doctors say she's expected to make a full recovery. >>> in california, a big new year's eve fireworks show in sacramento was called off at the last minute because of a deadly shooting. two people were killed and three others injured in a gunfight outside a restaurant and police decided to call off the nearby celebration that was expected to draw 40,000 people. >>> but here in new york city, the big apple, things w
. >> reporter: now the big new year's test, can it pass in the house? for "good morning america," jonathan karl, abc news, washington. >>> president obama says the agreement reached by the senate is the, quote, right thing to do for our country and is encouraging the house to pass it without delay. >>> secretary of state hillary clinton is spending this new year's day in a new york hospital where she is being treated for a blood clot near her brain. doctors are...
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i don't know if it will pass the house. we'll find out later today. >> irrespective of tax rates, if you are a bakery and selling more broaead, you will hire mor staff. >> you might. obama care, a bulk of those taxes kicked in. i don't want to hire number 51, employee number 51 because of obama care kicking in. in a normal world that would happen, but with obama care, i would say we'll see what happens. >> employer 51 is actually an issue, you and i agree on. let me ask you about the bill. what -- from what you have seen of it so far, yes vote or no vote? >> i'm a no vote, but until we see the details, we're reading reports, i will say most folks might resume a member of congress has those details. we're reading media reports, nothing on websites out there. it locks like a no. looks like typical insider deal for washington, d.c., where they getly 89 votes in the senate, but at the end of the day, our debt will get bigger, spending will go up. taxes will increase, and americans will continue to be very upset at washington. >
i don't know if it will pass the house. we'll find out later today. >> irrespective of tax rates, if you are a bakery and selling more broaead, you will hire mor staff. >> you might. obama care, a bulk of those taxes kicked in. i don't want to hire number 51, employee number 51 because of obama care kicking in. in a normal world that would happen, but with obama care, i would say we'll see what happens. >> employer 51 is actually an issue, you and i agree on. let me ask you...
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president obama of course encouraging lawmakers to quote, pass it without delay. senior white house foreign affairs correspondent wendell goler is live at the white house this morning with the very latest. wendell, a whole lot is happening right now. what does the white house expect the house to do today? >> reporter: it is unclear, heather. as you point out the vice president just arrived at the capital to rally democrats to support the compromise measure that senate passed last night. he wouldn't predict how the house will vote. house republicans will not decide to vote until after they studied bill. it doesn't contain any significant spending cuts and that will make it a tough sell to house republicans. yesterday the president aimed to put some pressure on them in an appearance that showcased middle class americans who would be hit by a tax hike. mr. obama said, he would have prefered a bigger deal that included spending cuts. >> a grand bargain, whatever want to call it, that solves our deficit problems in a balanced and responsible way, that just doesn't deal
president obama of course encouraging lawmakers to quote, pass it without delay. senior white house foreign affairs correspondent wendell goler is live at the white house this morning with the very latest. wendell, a whole lot is happening right now. what does the white house expect the house to do today? >> reporter: it is unclear, heather. as you point out the vice president just arrived at the capital to rally democrats to support the compromise measure that senate passed last night....
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president obama issuing a statement this morning saying, juliet? >> while neither democrats nor republicans got everyone they wanted, this agreement is the right thing to do with our country and the house should pass it without delay. is the house likely going to pass it without delay, or pass it period? the chief congressional correspondent for the "washington examiner" joins us now. good morning, my dear. thank you very much for waking up early today. we especially appreciate it today. let's get right to it. what do you think is going to happen with the house? >> they'll gavel in today and they'll discuss the deal. and i think what it will boil down to is a deal that attracts a lot of democrats and some republicans. they need at least two dozen republicans, maybe more, depending on whether they lose a few democrats who don't like that higher tax threshold passed last night in the senate. it's going to be a matter of whether or not these republicans find enough attractive elements in this deal. and they might. they might like the higher tax thresh
president obama issuing a statement this morning saying, juliet? >> while neither democrats nor republicans got everyone they wanted, this agreement is the right thing to do with our country and the house should pass it without delay. is the house likely going to pass it without delay, or pass it period? the chief congressional correspondent for the "washington examiner" joins us now. good morning, my dear. thank you very much for waking up early today. we especially appreciate...
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early this morning, the senate passed an agreement to avoid the fiscal cliff. >> but it still must go to the house. they reconvene at noon today. congressional leaders hope to send legislation to president obama within a day or two, meaning that consumers shouldn't notice any impact. with the latest to explain it all, all the xs and 0s, we're joined by karen travers in washington. >> reporter: it's after midnight. while we technically have gone over the fiscal cliff, some last-minute arm twisting and negotiations may have provided a parachute. don't stop popping the champagne just yet. after days of intense negotiations, the white house and senate republicans reached a deal. vice president biden went up to capitol hill to sell it to senate democrats. >> happy new year. >> reporter: biden swooped in at the 11th hour to hammer out a way forward to mitch mcconnell. the agreement would permanently extend bush tax cuts to those making under $400,000 and households making $450,000. raise the estate tax at those valued at more than $5 million and extend unemployment benefits for 2 million pe
early this morning, the senate passed an agreement to avoid the fiscal cliff. >> but it still must go to the house. they reconvene at noon today. congressional leaders hope to send legislation to president obama within a day or two, meaning that consumers shouldn't notice any impact. with the latest to explain it all, all the xs and 0s, we're joined by karen travers in washington. >> reporter: it's after midnight. while we technically have gone over the fiscal cliff, some...